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Zoetic Shares Plunge 10.1% After the Sale of DT Ultravert to Path Investments Fell Through

Simon Mugo trader
Updated 31 Dec 2020

Practice Stock Trading
Zoetic logo

Shares of Zoetic International PLC (LON: ZOE) today fell 10.1% after the company said that it still plans to sell its 75% stake in DT Ultravert after Path Investments failed to meet the long-stop date to complete the deal.

The company said it is still committed to exiting its legacy natural resources business and will continue to have discussions with interested parties including Path Investments.

Zoetic has since repositioned itself to become an industrial hemp and CBD products company with a presence in the UK and North America.

The company recently got access to tens of thousands of UK convenience stores via a deal that will see it grow its presence in the country significantly and today’s announcement represents a minor hitch that does not affect its core business.

Trevor Taylor, Zoetic co-CEO said: “We are committed to achieve the best deal possible for our shareholders, and will look at all possible options.”

Zoetic share price

Tradingview chart of Zoetic share price 31122020

Zoetic shares today fell 10.1% to trade at 62p having retreated from Wednesday’s closing price of 69p.

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading